Have 2nd cars depreciated in the last 2-3 weeks?

yop

Buddy is selling a car, asking was 28k agreed a deal with a guy then for 27k 3 weeks ago.
The guy paid over a chunk of cash and said he'd pay the rest but has pulled out of the deal.

So now he is stuck with the car but is wondering what the car would drop considering the ar9e has fallen out of the motor market.

Piece of string question but appreciate any guidance.

colm_mcm

Yes it has, for now.

Your mate keep the chunk of cash?

bazz26

With the current uncertainty and people worried about having a job when the crisis is over, I'd say buying a new car will seem like a luxury many will do without.

yop

colm_mcm wrote: »

Yes it has, for now.

Your mate keep the chunk of cash?

Ya he has it. Paid over 75% of the cash to him then pulled out of the deal.

Ya I said to him he'd look at a depreciation of 3-4k with the crash in the car market

Atlantic Dawn

The market for a €28k car in a private sale is always going to be tiny.

Heres Johnny

yop wrote: »

Ya he has it. Paid over 75% of the cash to him then pulled out of the deal.

Ya I said to him he'd look at a depreciation of 3-4k with the crash in the car market

He paid 21k as a deposit on a private sale? Wtf is that about?

yop

Heres Johnny wrote: »

He paid 21k as a deposit on a private sale? Wtf is that about?

I don't know tbh. Out of the blue on the day he was gonna collect the car.
Now just wants his cash back......

Mate would have probably sold the car and held it for this guy over the last few weeks and took it off the market. He is well Peed off

10-10-20

He who has the cash... eh... is making lots of small cash deals...

Atlantic Dawn

I'd deduct 10% and hand him the rest back for wasting time.

sasta le

Has the ar/se fallen out of it tho?
21k in cash is a serious amount as a deposit is this a scam or dodgy deal

ITman88

yop wrote: »

Ya he has it. Paid over 75% of the cash to him then pulled out of the deal.

Ya I said to him he'd look at a depreciation of 3-4k with the crash in the car market

Iv bought and sold a few cars, tractors and jeeps, never in my life have I left 75% of the price of a vehicle without taking possession.

He was a trustworthy guy

yop

ITman88 wrote: »

Iv bought and sold a few cars, tractors and jeeps, never in my life have I left 75% of the price of a vehicle without taking possession.

He was a trustworthy guy

He seems like a mad man!! why would u send bank transfer of 21k then through the toys out of the pram and demand the cash back with no real reason.

I said to my mate that Id be keeping time wasting money 100%.

This guy said he'd put the law on my mate if he didn't get all his cash back.

"What cash"...

sasta le

Laundering money?He paid by bank but wants cash back?

Heres Johnny

I'd be very sceptical that the details in this story are correct. I've never heard anything like this in my life

L1011

sasta le wrote: »

Laundering money?He paid by bank but wants cash back?

OP doesn't say that as far as I can see, but this has been common for both laundering and good old outright fraud for years.

If he paid by draft and wants it back he can wait until the draft is fully cleared and get it back by draft; minus all the banking costs. Don't even entertain anything else.

99nsr125

Be very careful

Draft might be fake/stolen/forged

Don't had any cash back until veracity of draft can be confirmed

99nsr125

Be very careful

Draft might be fake/stolen/forged

Don't had any cash back until veracity of draft can be confirmed

yop

Laundering??? Do u think its some scam?

He paid a deposit via Paypal of 1k.
Then another two 10k deposits, the last hit the bank there this week and he was gonna collect the car.
He had already traveled a number of hours to see this car and agreed to buy.

But when he was due to collect he said he wanted my mate to drop it to him, when he said he'd meet him 1/2 way, even though they didn't agree this at sale, your man told him to go and give him his money back.

Do you think its a scam?? I can't for the life of me see how it is, but this behavior is just weird.

L1011

yop wrote: »

Laundering??? Do u think its some scam?

He paid a deposit via Paypal of 1k.
Then another two 10k deposits, the last hit the bank there this week and he was gonna collect the car.
He had already traveled a number of hours to see this car and agreed to buy.

But when he was due to collect he said he wanted my mate to drop it to him, when he said he'd meet him 1/2 way, even though they didn't agree this at sale, your man told him to go and give him his money back.

Do you think its a scam?? I can't for the life of me see how it is, but this behavior is just weird.

There are loads of scams based around car sales; backing out to get washed funds or a refund for a fake deposit are two main ones.

Any refunds should be given exactly as received and only when you're sure what was received is actually legit.

bazz26

Alarm bells are ringing with me.

I don't care how mad or crazy they are, nobody just rocks up to a private seller they never met before and leaves multiple large installments for a car. BTW scams via paypal are very common too.

Atlantic Dawn

yop wrote: »

Laundering??? Do u think its some scam?

He paid a deposit via Paypal of 1k.
Then another two 10k deposits, the last hit the bank there this week and he was gonna collect the car.
He had already traveled a number of hours to see this car and agreed to buy.

But when he was due to collect he said he wanted my mate to drop it to him, when he said he'd meet him 1/2 way, even though they didn't agree this at sale, your man told him to go and give him his money back.

Do you think its a scam?? I can't for the life of me see how it is, but this behavior is just weird.

Was your mate demanding this odd layout of deposits? Surely 10% and rest on collection would be the norm? How do you know buyer travelled a number of hours?

Shefwedfan

No way is someone just handing over 21k car a car and then pulling out. It sounds dodgy

MarkR

That 100% sounds like a scam. Call him now, make sure he doesn't have over anything. Sounds like a fake bank draft.

Darc19

Whenever PayPal and refund comes into play, there's an utter stink of a scam.

I'd be contacting PayPal for advice and ONLY return back to the PayPal account and ignore all bs about gardai

kenmm

Darc19 wrote: »

Whenever PayPal and refund comes into play, there's an utter stink of a scam.

I'd be contacting PayPal for advice and ONLY return back to the PayPal account and ignore all bs about gardai

This here OP. Deal with PayPal only. He might be hoping that the seller will give cash or bank transfer then they will also raise a dispute with PayPal for which the seller may or may not be liable.

Why was PayPal used? Did the money come from same accounts? 10k is a strange number too - it's often a limit imposed to stop laundering (which can be gotten round with legitimate proof)


Edit: if this is a scam, expect him to get quite shi*ty about doing it all via PayPal (or any number of excuses as to why that us inconvenient etc)

Heres Johnny

As a matter of interest what car and year is it? Just want to see if its a fantastic, beautiful and rare car that someone might remotely want to part with that kind of cash in a private sale just to secure it.
It's obviously new enough and upmarket if it's 28k private value? You can get pretty much a 3 year old anything for 28k to be honest
If it's a run of the mill mass produced car there's shenanigans afoot

yop

Ok. Thanks for all the advice.
So 1k was transferred using PayPal as a deposit.

The rest , two 10k installments came via bank transfer into his account.
He has since moved the money to another account.

Just in case I won't mention exact location but he had a round-trip of I'd say ten hours.

.the car isn't a normal motor so why it wouldn't be unusual for someone to travel to buy

Latest update is your man has changed his mind and wants to meet in a location 2.5 hrs from here.

Again this has a load of alarm bells ringing for me, mainly the travel ban but something doesn't feel right.

I'd be looking now for all the money to be sent and I'd leave the car at s Garda station for collection.

L-M

That is just the most peculiar situation I’ve ever heard of.

Tell your friend thread very carefully.

Hope it works out

Heres Johnny

So he wants to meet half way and complete the deal at a reduced price? The travel ban is his friend here to refuse. I'd personally satisfy myself that every penny is legitimate and fully cleared then transfer it back electronically to a mainstream Irish bank account only. Put it down to experience. I wouldn't bother with trying to keep money for time wasting, deals in business go South all the time although I know this was a private sale, I wouldn't be bothered. Just put it to bed.

colm_mcm

Would I be right in saying the OPs friends first bank account could go overdrawn by €20k if the original deposits were fraudulent?

I’m saying deposits rather than EFTs - lodge a bogus foreign draft to someone else’s account, certain amount of time before it’s found out that it’s bogus?

bcklschaps

What an unusual situation. But 'buyers remorse' is a real thing.

After a large purchase, a house, car etc. It not unusual to question yourself and immediately regret the purchase. Maybe because of the delays here the buyer simply changed his mind before taking delivery? or had his mind changed for him by spouse/family or got spooked by Coronavirus, lost his job etc.

I remember one time I was going to pick up a car I'd bought at an auction.... and on the journey to pick it up, I decided to pull out, but when I got there went ahead with the purchase as I would have lost a fairly big deposit otherwise.


10k is the limit you can transfer online from my BOI account in one go per day (so it may be a general banking rule) and that might be the reason for the 2 x 10k transfers.

bcklschaps

Of course also this could have been a negotiating trick. The buyer is using the current Coronavirus mess to get 7k off the price of the car.

yop

Ya he could only do 10k a day
And I agree I think he is trying to get more off it.
Not sure on the over drawn thing though.

If the money is cleared it's cleared isn't it?

Ya I get the remorseful part but he put it down to my mate not drop-in the car to him and then when he said he couldn't your man threatens the law.

Now he swings again and said he'll meet him.

It's very strange.

Two options here
Give money back but keep 10% deposit and depreciation.
Get the rest of the money and leave car, when restrictions lift , at a safe place. Id not want to be meeting this guy. I just don't trust him and after this post I trust him less

26000 Elephants

yop wrote: »

Ya he could only do 10k a day

Reporting limits.

I'd suggest your friend back out of the deal and arrange to return the money (all of it - assuming its cleared funds from eft, if a draft or cheque go straight to gaurds) as he is involved in a tax avoidance scheme (at best) or a money laundering attempt. €10k is the reporting limit for high value dealers. Theres should be no such restriction for an EFT, so no reason for honest buyers to structure like that.

colm_mcm

yop wrote: »

If the money is cleared it's cleared isn't it?

Nope. Oldest trick in the book, look up overpayment scam for an example of how it works,

bazz26

There is no way I'd be fupping driving up with the car to meet this guy after he changes his mind again, lockdown or no lockdown. For all you know there could be 4 big lads waiting and they will take the car from you or the fake drafts will bounce in a few days and you have no car and no money. With the way things are at the moment it's a perfect opportunity to pull a stunt like this when people are at their most vulnerable and resources are needed elsewhere.

This whole deal smells of wrong in so many ways.

yop

Meeting at a Garda station this evening.....
He's bring a friend.

colm_mcm

yop wrote: »

Meeting at a Garda station this evening.....
He's bring a friend.

That doesn’t stop it being a scam where your friend could lose out.
I hope it isn’t a scam, but it’s very unusual.

Was it an EFT or a branch lodgement?

L1011

26000 Elephants wrote: »

Reporting limits.

I'd suggest your friend back out of the deal and arrange to return the money (all of it - assuming its cleared funds from eft, if a draft or cheque go straight to gaurds) as he is involved in a tax avoidance scheme (at best) or a money laundering attempt. €10k is the reporting limit for high value dealers. Theres should be no such restriction for an EFT, so no reason for honest buyers to structure like that.

The other option is that 10k is a common limit on e-banking for recently added accounts.

Multiple transactions at or near the reporting limit (known as "smurfing") are still reported as if they were one under the latest AML anyway; should anyone here be considering it!

yop

It was an eft and I have that limit also on my account.

Juwwi

Did he confirm with his bank that the name of the buyer and the name of the bank account the transfer was made from match .

yop

Juwwi wrote: »

Did he confirm with his bank that the name of the buyer and the name of the bank account the transfer was made from match .

I don't know.
He screenshot the transfer and sent it from what I understand.

My mate has transferred the money out.

Why do u think it's not his money

colm_mcm

And is your man gonna just pay cash for the balance or something?

bidiots

How did this turn out?

MarkR

The suspenders are killing me.

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RocketRaccoon

Op and friend are gone

Class MayDresser

RocketRaccoon wrote: »

Op and friend are gone

Closed his account?

colm_mcm

Class MayDresser wrote: »

Closed his account?

No, gone gone.

RocketRaccoon

colm_mcm wrote: »

No, gone gone.

Proper gone.

yop

haha some comedians

Met the guy, handed over the cash (checked with a scanner) , apologised for behavior and drove off..... happily ever after!!!

It was a strange one all that. But my buddy is happy out

If nothing it was a bit of entertainment for us here

L-M

Bet the cash is actually edible money